CIBC Asset Management Inc Raises Holdings in Verizon Communications Inc. (NYSE:VZ)

CIBC Asset Management Inc grew its holdings in Verizon Communications Inc. (NYSE:VZ - Free Report) by 5.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 930,967 shares of the cell phone carrier's stock after acquiring an additional 49,619 shares during the quarter. CIBC Asset Management Inc's holdings in Verizon Communications were worth $37,226,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in VZ. AMF Tjanstepension AB increased its position in shares of Verizon Communications by 58.0% in the third quarter. AMF Tjanstepension AB now owns 1,756,452 shares of the cell phone carrier's stock valued at $78,975,000 after buying an additional 644,761 shares in the last quarter. Alpha Financial Partners LLC purchased a new stake in shares of Verizon Communications in the third quarter valued at approximately $224,000. Creative Planning increased its position in shares of Verizon Communications by 2.8% in the third quarter. Creative Planning now owns 861,988 shares of the cell phone carrier's stock valued at $38,712,000 after buying an additional 23,696 shares in the last quarter. Swedbank AB increased its position in shares of Verizon Communications by 0.8% in the third quarter. Swedbank AB now owns 5,174,541 shares of the cell phone carrier's stock valued at $232,389,000 after buying an additional 39,403 shares in the last quarter. Finally, Stratos Wealth Advisors LLC increased its position in shares of Verizon Communications by 1.8% in the third quarter. Stratos Wealth Advisors LLC now owns 40,967 shares of the cell phone carrier's stock valued at $1,840,000 after buying an additional 735 shares in the last quarter. Institutional investors and hedge funds own 62.06% of the company's stock.

Insider Activity

In related news, CEO Kyle Malady sold 20,000 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $40.54, for a total transaction of $810,800.00. Following the transaction, the chief executive officer now owns 45,675 shares of the company's stock, valued at approximately $1,851,664.50. This represents a 30.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 39,085 shares of company stock valued at $1,582,995 in the last quarter. Insiders own 0.02% of the company's stock.

Verizon Communications Trading Up 1.1 %

Shares of Verizon Communications stock traded up $0.48 during trading hours on Thursday, hitting $42.49. The company's stock had a trading volume of 19,757,659 shares, compared to its average volume of 23,033,547. Verizon Communications Inc. has a twelve month low of $37.58 and a twelve month high of $45.36. The firm has a fifty day moving average of $39.89 and a 200-day moving average of $41.58. The stock has a market cap of $178.85 billion, a price-to-earnings ratio of 10.26, a P/E/G ratio of 4.31 and a beta of 0.45. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.59 and a current ratio of 0.63.

Verizon Communications (NYSE:VZ - Get Free Report) last announced its quarterly earnings results on Friday, January 24th. The cell phone carrier reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). Verizon Communications had a net margin of 12.99% and a return on equity of 19.80%. During the same period last year, the business posted $1.08 earnings per share. Research analysts forecast that Verizon Communications Inc. will post 4.69 EPS for the current year.

Verizon Communications Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were paid a $0.6775 dividend. This represents a $2.71 annualized dividend and a dividend yield of 6.38%. The ex-dividend date of this dividend was Friday, January 10th. Verizon Communications's dividend payout ratio (DPR) is presently 65.46%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. TD Cowen upgraded Verizon Communications to a "strong-buy" rating in a research report on Wednesday, January 15th. Argus upgraded Verizon Communications to a "strong-buy" rating in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft boosted their price target on Verizon Communications from $40.00 to $42.00 and gave the stock a "hold" rating in a research report on Friday, January 24th. Tigress Financial reiterated a "buy" rating and set a $55.00 price target on shares of Verizon Communications in a research report on Thursday, January 30th. Finally, DZ Bank upgraded Verizon Communications from a "hold" rating to a "buy" rating and set a $40.00 price target for the company in a research report on Wednesday, January 29th. Ten research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $46.08.

Verizon Communications Profile

Verizon Communications Inc, through its subsidiaries, engages in the provision of communications, technology, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. It operates in two segments, Verizon Consumer Group (Consumer) and Verizon Business Group (Business).